WTI declines to near $87.50 as US, Iran talks remain intact
작성자 Akhtar Faruqui
수정됨: 11 Jun 2026
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West Texas Intermediate (WTI) oil price pares its recent gains from the previous day, trading around $87.60 per barrel during the European hours on Thursday.
- WTI falls amid easing supply disruption fears and raising hopes for renewed peace negotiations.
- A CNN report, citing a diplomatic source, confirmed that US-Iran peace deal negotiations remain intact despite recent military clashes.
- EIA data showed US crude stocks plunged by 7.2 million barrels, far exceeding the projected 4-million-barrel draw.
West Texas Intermediate (WTI) oil price pares its recent gains from the previous day, trading around $87.60 per barrel during the European hours on Thursday. Crude oil prices declined after the US military announced it had completed its latest strikes on Iran, raising hopes that peace negotiations could resume and tempering oil supply concerns. A report from CNN has confirmed through a diplomatic source that the US-Iran negotiations toward a peace deal are intact.
However, the Guardian reported that the Iranian Foreign Ministry has condemned overnight US strikes on Tehran, saying that “The illegal and criminal attacks by the US in recent hours are not only a flagrant violation of the United Nations Charter and the fundamental rules of international law regarding respect for national sovereignty and territorial integrity of states, but have also rendered the April 8 ceasefire practically meaningless.”
Earlier, the Israeli military's Home Front Command quickly issued early warnings following rocket launches from Lebanon toward northern Israel, keeping markets on edge. This followed earlier fresh US attacks on Iran after President Trump accused Tehran of intentionally delaying talks over an interim peace agreement.
US Energy Information Administration (EIA) reported that domestic crude inventories plummeted by 7.2 million barrels last week as refiners scrambled to plug supply gaps caused by the conflict. This drop far exceeded the 4-million-barrel draw projected by analysts in a Reuters poll, dragging the Strategic Petroleum Reserve (SPR) down to its lowest levels since August 2023. In an effort to curb rising fuel costs, the US Department of Energy announced it is seeking to loan energy companies up to 40 million barrels of crude oil from the depleted reserve.
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
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